90% CONFIDENCE LEVEL
							CONSORTIUM gTLD													CONSORTIUM gTLD													CONSORTIUM gTLD													CONSORTIUM gTLD													CONSORTIUM gTLD													CONSORTIUM gTLD
							Summary P&L													Summary P&L													Summary P&L													Summary P&L													Summary P&L													Summary P&L
							Year 1													Year 2													Year 3													Year 4													Year 5
							1	2	3	4	5	6	7	8	9	10	11	12	Year 1	1	2	3	4	5	6	7	8	9	10	11	12	Year 2	1	2	3	4	5	6	7	8	9	10	11	12	Year 3	1	2	3	4	5	6	7	8	9	10	11	12	Year 4	1	2	3	4	5	6	7	8	9	10	11	12	Year 5		Year 1		Year 2		Year 3		Year 4		Year 5		Total
													<---------SUNRISE PERIOD---------->
New Registrations							-	-	-	-	-	-	171,429	128,571	QUIET	600,000	400,000	250,000	1,550,000	200,000	206,000	212,180	218,545	225,101	231,854	234,173	236,515	238,880	241,269	243,682	246,119	2,734,318	248,580	251,066	253,577	256,113	258,674	261,261	261,261	261,261	261,261	261,261	261,261	261,261	3,096,837	261,261	261,261	261,261	261,261	261,261	261,261	261,261	261,261	261,261	261,261	261,261	261,261	3,135,132	261,261	261,261	261,261	261,261	261,261	261,261	261,261	261,261	261,261	261,261	261,261	261,261	3,135,132		1,550,000		2,734,318		3,096,837		3,135,132		3,135,132		13,651,419
Revenue							$               -	$                -	$                -	$                -	$                 -	$                 -	$          83,786	$        146,625	$        146,625	$        439,875	$        635,375	$        757,563	$     2,209,848	$        853,670	$        953,120	$     1,056,823	$     1,157,887	$     1,264,072	$     1,374,994	$     1,487,530	$     1,601,152	$     1,715,872	$     1,831,697	$     1,948,640	$     2,066,708	$     17,312,165	$     2,185,958	$     2,306,400	$     2,428,046	$     2,550,909	$     2,675,001	$     2,800,334	$     2,925,643	$     3,050,928	$     3,176,189	$     3,301,426	$     3,714,138	$     3,743,493	$     34,858,464	$     3,796,805	$     3,898,034	$     4,026,097	$     4,154,246	$     4,282,483	$     4,410,812	$     4,539,236	$     4,665,534	$     4,791,844	$     4,918,165	$     5,044,497	$     5,170,841	$    53,698,595	$       5,297,196	$     5,423,563	$     5,549,942	$       5,676,333	$       5,687,735	$       5,737,483	$       5,815,994	$       5,902,848	$       5,988,552	$       6,073,072	$       6,156,372	$       6,238,415	$      69,547,506		$     2,209,848		$     17,312,165		$     34,858,464		$    53,698,595		$      69,547,506		$   177,626,578
Operating Expenses:
Registry Operator							-	-	-	-	-	-	42,986	75,225	75,225	225,675	325,975	388,663	1,133,748	437,970	488,992	542,196	594,046	648,524	705,432	805,310	895,211	954,067	1,013,490	1,073,487	1,134,061	9,292,786	1,195,241	1,257,033	1,319,443	1,382,477	1,446,142	1,510,443	1,536,803	1,572,634	1,636,898	1,568,400	1,632,639	1,700,554	17,758,708	1,757,405	1,805,554	1,853,221	1,900,391	1,947,050	1,993,181	2,035,581	2,078,859	2,125,119	2,156,450	2,148,266	2,158,336	23,959,415	2,180,513	2,206,042	2,230,789	2,254,732	2,330,952	2,388,629	2,432,856	2,472,430	2,512,305	2,552,493	2,548,758	2,560,116	28,670,615		1,133,748		9,292,786		17,758,708		23,959,415		28,670,615		80,815,273
Systems Development & Support							-	29,688	43,229	43,229	43,229	43,229	43,229	43,229	43,229	43,229	43,229	131,979	550,729	45,391	45,391	45,391	45,391	45,391	45,391	45,391	45,391	45,391	45,391	45,391	134,141	633,438	47,660	47,660	47,660	47,660	47,660	47,660	47,660	47,660	47,660	47,660	47,660	136,410	660,672	50,043	50,043	50,043	50,043	50,043	50,043	50,043	50,043	50,043	50,043	50,043	138,793	689,268	52,545	52,545	52,545	52,545	52,545	52,545	52,545	52,545	52,545	52,545	52,545	141,295	719,294		550,729		633,438		660,672		689,268		719,294		3,253,400
Customer Service							-	-	3,646	26,042	42,396	42,396	42,396	42,396	48,542	48,542	48,542	114,917	459,813	50,969	50,969	50,969	50,969	50,969	50,969	50,969	50,969	50,969	50,969	50,969	117,344	678,000	53,517	53,517	53,517	53,517	53,517	53,517	53,517	53,517	53,517	53,517	53,517	119,892	708,581	56,193	56,193	56,193	56,193	56,193	56,193	56,193	56,193	56,193	56,193	56,193	122,568	740,692	59,003	59,003	59,003	59,003	59,003	59,003	59,003	59,003	59,003	59,003	59,003	125,378	774,407		459,813		678,000		708,581		740,692		774,407		3,361,493
Sales & Marketing							300,000	319,271	332,813	432,813	632,813	732,813	1,132,813	1,132,813	2,140,625	2,990,625	2,890,625	2,848,750	15,886,771	1,233,964	1,233,964	1,233,964	1,233,964	1,233,964	1,233,964	1,233,964	1,233,964	1,233,964	1,233,964	1,233,964	1,292,089	14,865,697	1,053,937	1,053,937	1,053,937	1,053,937	1,053,937	1,053,937	1,053,937	1,053,937	1,053,937	1,053,937	1,053,937	1,112,062	12,705,367	850,658	850,658	850,658	850,658	850,658	850,658	850,658	850,658	850,658	850,658	850,658	908,783	10,266,015	985,019	985,019	985,019	985,019	985,019	985,019	985,019	985,019	985,019	985,019	985,019	1,043,144	11,878,352		15,886,771		14,865,697		12,705,367		10,266,015		11,878,352		65,602,202
General & Administrative							223,500	254,176	271,632	317,814	333,913	235,113	255,684	250,541	237,994	309,994	285,994	377,682	3,354,037	272,323	273,072	280,827	287,387	288,205	289,048	289,337	289,629	289,925	290,223	290,524	400,516	3,541,015	302,715	303,038	303,364	303,693	304,025	304,361	304,361	304,361	304,361	304,361	304,361	414,048	3,757,048	316,557	316,557	316,557	316,557	316,557	316,557	316,557	316,557	316,557	316,557	316,557	426,244	3,908,368	327,650	327,650	327,650	327,650	327,650	327,650	327,650	327,650	327,650	327,650	327,650	437,338	4,041,488		3,354,037		3,541,015		3,757,048		3,908,368		4,041,488		18,601,956
R&D							-	-	-	-	-	-	821	1,438	1,438	4,313	6,229	7,427	21,665	8,385	9,373	10,389	22,374	23,452	24,563	25,686	26,819	27,963	29,120	30,287	31,467	269,878	33,205	34,408	35,623	36,850	38,089	39,341	40,593	41,845	43,097	44,349	48,476	48,769	484,643	49,876	50,889	52,169	53,451	54,733	56,016	57,301	58,564	59,827	61,090	62,353	63,617	679,886	65,483	66,747	68,011	69,275	69,389	69,886	70,671	71,540	72,397	73,242	74,075	74,895	845,611		21,665		269,878		484,643		679,886		845,611		2,301,683
Operating Expenses							523,500	603,134	651,320	819,898	1,052,350	1,053,550	1,517,929	1,545,641	2,547,053	3,622,378	3,600,594	3,869,417	21,406,763	2,049,002	2,101,760	2,163,736	2,234,131	2,290,505	2,349,367	2,450,657	2,541,983	2,602,279	2,663,156	2,724,622	3,109,617	29,280,814	2,686,275	2,749,593	2,813,544	2,878,134	2,943,370	3,009,259	3,036,871	3,073,954	3,139,470	3,072,224	3,140,590	3,531,735	36,075,020	3,080,732	3,129,894	3,178,841	3,227,293	3,275,234	3,322,648	3,366,333	3,410,873	3,458,397	3,490,990	3,484,070	3,818,341	40,243,644	3,670,213	3,697,006	3,723,016	3,748,224	3,824,558	3,882,732	3,927,744	3,968,187	4,008,918	4,049,952	4,047,050	4,382,166	46,929,767		21,406,763		29,280,814		36,075,020		40,243,644		46,929,767		173,936,008
EBITDA							(523,500)	(603,134)	(651,320)	(819,898)	(1,052,350)	(1,053,550)	(1,434,143)	(1,399,016)	(2,400,428)	(3,182,503)	(2,965,219)	(3,111,855)	(19,196,914)	(1,195,332)	(1,148,640)	(1,106,913)	(1,076,244)	(1,026,433)	(974,372)	(963,127)	(940,830)	(886,407)	(831,459)	(775,982)	(1,042,909)	(11,968,649)	(500,317)	(443,193)	(385,497)	(327,225)	(268,369)	(208,926)	(111,229)	(23,026)	36,719	229,202	573,548	211,757	(1,216,555)	716,073	768,141	847,256	926,953	1,007,250	1,088,164	1,172,903	1,254,661	1,333,448	1,427,174	1,560,428	1,352,500	13,454,951	1,626,983	1,726,557	1,826,925	1,928,109	1,863,177	1,854,752	1,888,249	1,934,661	1,979,634	2,023,121	2,109,322	1,856,249	22,617,739		(19,196,914)		(11,968,649)		(1,216,555)		13,454,951		22,617,739		3,690,570
Depreciation & Amortization							-	4,861	14,139	16,569	17,250	17,931	17,931	17,931	17,931	18,222	18,222	18,222	179,208	18,222	18,222	18,222	18,319	18,694	18,694	18,694	18,694	18,694	18,694	18,694	18,694	222,542	18,694	18,694	18,694	18,694	18,694	18,694	18,694	18,694	18,694	18,694	18,694	18,694	224,333	18,694	13,833	4,556	2,125	1,444	764	764	764	764	472	472	472	45,125	472	472	472	375	-	-	-	-	-	-	-	-	1,792		179,208		222,542		224,333		45,125		1,792		673,000
EBIT							(523,500)	(607,995)	(665,459)	(836,467)	(1,069,600)	(1,071,481)	(1,452,074)	(1,416,947)	(2,418,358)	(3,200,725)	(2,983,441)	(3,130,077)	(19,376,123)	(1,213,554)	(1,166,862)	(1,125,136)	(1,094,563)	(1,045,128)	(993,067)	(981,821)	(959,525)	(905,101)	(850,153)	(794,676)	(1,061,603)	(12,191,191)	(519,012)	(461,887)	(404,192)	(345,919)	(287,064)	(227,620)	(129,923)	(41,720)	18,025	210,508	554,854	193,063	(1,440,889)	697,379	754,307	842,700	924,828	1,005,805	1,087,400	1,172,139	1,253,897	1,332,684	1,426,702	1,559,955	1,352,028	13,409,826	1,626,511	1,726,085	1,826,453	1,927,734	1,863,177	1,854,752	1,888,249	1,934,661	1,979,634	2,023,121	2,109,322	1,856,249	22,615,947		(19,376,123)		(12,191,191)		(1,440,889)		13,409,826		22,615,947		3,017,570
																			-													-													-													-													-		-		-		-		-		-		-
Interest							-	6,348	5,004	3,939	2,802	1,387	-	4,834	7,428	4,242	9,265	9,289	54,538	7,234	6,191	6,593	7,062	7,577	8,190	8,890	8,871	8,327	8,551	8,067	6,754	92,308	5,865	5,803	6,101	6,403	6,709	7,020	7,333	7,213	6,777	6,727	6,685	13,035	85,671	17,765	20,463	22,549	24,508	26,417	28,278	30,093	31,496	32,538	33,861	35,361	36,341	339,670	37,683	38,925	40,029	41,012	41,910	46,921	50,968	53,393	54,989	56,860	58,960	60,978	582,627		54,538		92,308		85,671		339,670		582,627		1,154,815
																																																																									-		-		-		-		-		-
Pretax Consortium Profit (Before Rebates)							(523,500)	(614,343)	(670,462)	(840,406)	(1,072,402)	(1,072,868)	(1,452,074)	(1,421,781)	(2,425,786)	(3,204,967)	(2,992,707)	(3,139,366)	(19,430,661)	(1,220,788)	(1,173,054)	(1,131,729)	(1,101,625)	(1,052,705)	(1,001,257)	(990,712)	(968,395)	(913,428)	(858,705)	(802,744)	(1,068,357)	(12,283,499)	(524,877)	(467,691)	(410,293)	(352,322)	(293,773)	(234,640)	(137,256)	(48,933)	11,247	203,781	548,169	180,028	(1,526,559)	679,613	733,844	820,151	900,320	979,388	1,059,122	1,142,047	1,222,402	1,300,146	1,392,841	1,524,594	1,315,687	13,070,155	1,588,828	1,687,159	1,786,424	1,886,722	1,821,268	1,807,830	1,837,282	1,881,268	1,924,645	1,966,261	2,050,362	1,795,271	22,033,320		(19,430,661)		(12,283,499)		(1,526,559)		13,070,155		22,033,320		1,862,756
Rebates							-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,812	50,945	137,042	45,007	235,806	169,903	183,461	205,038	225,080	244,847	264,780	285,512	305,600	325,036	348,210	381,149	328,922	3,267,539	397,207	421,790	446,606	471,680	455,317	451,958	459,320	470,317	481,161	491,565	512,590	448,818	5,508,330		-		-		235,806		3,267,539		5,508,330		9,011,675
Pretax Consortium Profit							(523,500)	(614,343)	(670,462)	(840,406)	(1,072,402)	(1,072,868)	(1,452,074)	(1,421,781)	(2,425,786)	(3,204,967)	(2,992,707)	(3,139,366)	(19,430,661)	(1,220,788)	(1,173,054)	(1,131,729)	(1,101,625)	(1,052,705)	(1,001,257)	(990,712)	(968,395)	(913,428)	(858,705)	(802,744)	(1,068,357)	(12,283,499)	(524,877)	(467,691)	(410,293)	(352,322)	(293,773)	(234,640)	(137,256)	(48,933)	8,436	152,836	411,127	135,021	(1,762,366)	509,710	550,383	615,113	675,240	734,541	794,341	856,535	916,801	975,109	1,044,631	1,143,446	986,765	9,802,617	1,191,621	1,265,369	1,339,818	1,415,041	1,365,951	1,355,873	1,377,961	1,410,951	1,443,484	1,474,695	1,537,771	1,346,453	16,524,990		(19,430,661)		(12,283,499)		(1,762,366)		9,802,617		16,524,990		(7,148,919)
Estimated Stockholder Taxes							-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,374	61,134	164,451	54,008	282,968	203,884	220,153	246,045	270,096	293,817	317,737	342,614	366,721	390,044	417,852	457,378	394,706	3,921,047	476,648	506,148	535,927	566,017	546,380	542,349	551,184	564,381	577,394	589,878	615,109	538,581	6,609,996		-		-		282,968		3,921,047		6,609,996		10,814,010
Estimated Consortium Net Income							(523,500)	(614,343)	(670,462)	(840,406)	(1,072,402)	(1,072,868)	(1,452,074)	(1,421,781)	(2,425,786)	(3,204,967)	(2,992,707)	(3,139,366)	(19,430,661)	(1,220,788)	(1,173,054)	(1,131,729)	(1,101,625)	(1,052,705)	(1,001,257)	(990,712)	(968,395)	(913,428)	(858,705)	(802,744)	(1,068,357)	(12,283,499)	(524,877)	(467,691)	(410,293)	(352,322)	(293,773)	(234,640)	(137,256)	(48,933)	5,061	91,701	246,676	81,013	(2,045,333)	305,826	330,230	369,068	405,144	440,725	476,605	513,921	550,081	585,066	626,778	686,067	592,059	5,881,570	714,973	759,222	803,891	849,025	819,570	813,524	826,777	846,571	866,090	884,817	922,663	807,872	9,914,994		(19,430,661)		(12,283,499)		(2,045,333)		5,881,570		9,914,994		(17,962,929)
Cumulative Net Income							(523,500)	(1,137,843)	(1,808,306)	(2,648,712)	(3,721,114)	(4,793,981)	(6,246,055)	(7,667,835)	(10,093,621)	(13,298,588)	(16,291,295)	(19,430,661)	(19,430,661)	(20,651,449)	(21,824,503)	(22,956,231)	(24,057,856)	(25,110,561)	(26,111,819)	(27,102,530)	(28,070,926)	(28,984,354)	(29,843,059)	(30,645,803)	(31,714,160)	(31,714,160)	(32,239,036)	(32,706,727)	(33,117,020)	(33,469,342)	(33,763,115)	(33,997,755)	(34,135,011)	(34,183,945)	(34,178,883)	(34,087,182)	(33,840,506)	(33,759,493)	(33,759,493)	(33,453,667)	(33,123,437)	(32,754,369)	(32,349,225)	(31,908,500)	(31,431,896)	(30,917,975)	(30,367,894)	(29,782,828)	(29,156,050)	(28,469,982)	(27,877,923)	(27,877,923)	(27,162,951)	(26,403,729)	(25,599,838)	(24,750,813)	(23,931,243)	(23,117,719)	(22,290,943)	(21,444,372)	(20,578,281)	(19,693,464)	(18,770,801)	(17,962,929)	(17,962,929)		(19,430,661)		(31,714,160)		(33,759,493)		(27,877,923)		(17,962,929)		(130,745,167)
Net Cash*							4,353,250	(922,138)	(730,147)	(779,742)	(970,287)	(1,054,337)	3,417,987	1,778,755	(2,184,311)	3,444,268	16,407	(1,409,503)	4,960,202	(714,615)	275,378	321,422	353,466	420,428	479,961	(13,528)	(372,752)	153,744	(331,752)	(900,619)	(609,788)	(938,657)	(42,238)	204,058	207,270	210,152	212,689	214,873	(82,239)	(298,852)	(34,653)	(28,654)	4,354,327	3,243,464	8,160,197	1,850,211	1,430,411	1,342,964	1,309,094	1,276,429	1,244,015	962,164	714,710	907,448	1,028,312	672,225	920,033	13,658,017	851,958	756,896	673,919	615,480	3,436,706	2,774,659	1,662,696	1,094,366	1,283,257	1,439,852	1,383,803	1,311,667	17,285,259		4,960,202		(938,657)		8,160,197		13,658,017		17,285,259		43,125,019
																																																																							-		-		-		-		-
Cumulative Cash Balance*							4,353,250	3,431,112	2,700,965	1,921,223	950,936	(103,401)	3,314,586	5,093,341	2,909,030	6,353,298	6,369,705	4,960,202	4,960,202	4,245,587	4,520,965	4,842,387	5,195,853	5,616,281	6,096,241	6,082,713	5,709,960	5,863,704	5,531,952	4,631,333	4,021,545	4,021,545	3,979,307	4,183,365	4,390,635	4,600,787	4,813,476	5,028,349	4,946,111	4,647,259	4,612,605	4,583,951	8,938,279	12,181,743	12,181,743	14,031,953	15,462,364	16,805,329	18,114,423	19,390,852	20,634,868	21,597,031	22,311,742	23,219,189	24,247,501	24,919,726	25,839,760	25,839,760	26,691,718	27,448,613	28,122,532	28,738,013	32,174,719	34,949,378	36,612,074	37,706,440	38,989,697	40,429,549	41,813,352	43,125,019	43,125,019		4,960,202		4,021,545		12,181,743		25,839,760		43,125,019		90,128,269
As Percent of Revenue (Accrual)
Cost of Revenue							0%	0%	0%	0%	0%	0%	51%	51%	51%	51%	51%	51%	51%	51%	51%	51%	51%	51%	51%	54%	56%	56%	55%	55%	55%	54%	55%	55%	54%	54%	54%	54%	53%	52%	52%	48%	44%	45%	51%	46%	46%	46%	46%	45%	45%	45%	45%	44%	44%	43%	42%	45%	41%	41%	40%	40%	41%	42%	42%	42%	42%	42%	41%	41%	41%		51%		54%		51%		45%		41%		45%
Sales & Marketing							0%	0%	0%	0%	0%	0%	1352%	773%	1460%	680%	455%	376%	719%	145%	129%	117%	107%	98%	90%	83%	77%	72%	67%	63%	63%	86%	48%	46%	43%	41%	39%	38%	36%	35%	33%	32%	28%	30%	36%	22%	22%	21%	20%	20%	19%	19%	18%	18%	17%	17%	18%	19%	19%	18%	18%	17%	17%	17%	17%	17%	16%	16%	16%	17%	17%		719%		86%		36%		19%		17%		37%
G&A							0%	0%	0%	0%	0%	0%	305%	171%	162%	70%	45%	50%	152%	32%	29%	27%	25%	23%	21%	19%	18%	17%	16%	15%	19%	20%	14%	13%	12%	12%	11%	11%	10%	10%	10%	9%	8%	11%	11%	8%	8%	8%	8%	7%	7%	7%	7%	7%	6%	6%	8%	7%	6%	6%	6%	6%	6%	6%	6%	6%	5%	5%	5%	7%	6%		152%		20%		11%		7%		6%		10%
S,G&A							0%	0%	0%	0%	0%	0%	1657%	943%	1622%	750%	500%	426%	871%	176%	158%	143%	131%	120%	111%	102%	95%	89%	83%	78%	82%	106%	62%	59%	56%	53%	51%	49%	46%	45%	43%	41%	37%	41%	47%	31%	30%	29%	28%	27%	26%	26%	25%	24%	24%	23%	26%	26%	25%	24%	24%	23%	23%	23%	23%	22%	22%	22%	21%	24%	23%		871%		106%		47%		26%		23%		47%
R&D							0%	0%	0%	0%	0%	0%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%		1%		2%		1%		1%		1%		1%
																																																																		-		-		-		-		-
Gross Margin Equivalent							0%	0%	0%	0%	0%	0%	-3%	19%	19%	39%	42%	31%	24%	43%	44%	44%	45%	45%	45%	43%	41%	42%	42%	43%	39%	43%	43%	43%	44%	44%	44%	44%	46%	47%	47%	51%	55%	51%	47%	52%	52%	53%	53%	53%	54%	54%	54%	55%	55%	56%	56%	54%	58%	58%	59%	59%	58%	57%	57%	57%	57%	57%	58%	57%	58%		24%		43%		47%		54%		58%		47%
Net Income							0%	0%	0%	0%	0%	0%	-1733%	-970%	-1654%	-729%	-471%	-414%	-879%	-143%	-123%	-107%	-95%	-83%	-73%	-67%	-60%	-53%	-47%	-41%	-52%	-71%	-24%	-20%	-17%	-14%	-11%	-8%	-5%	-2%	0%	3%	7%	2%	-6%	8%	8%	9%	10%	10%	11%	11%	12%	12%	13%	14%	11%	11%	13%	14%	14%	15%	14%	14%	14%	14%	14%	15%	15%	13%	14%		-879%		-71%		-6%		11%		14%		-10%
*Cash flows include financing flows.
							gTLD CONSORTIUM													gTLD CONSORTIUM													gTLD CONSORTIUM													gTLD CONSORTIUM
							Balance Sheet													Balance Sheet													Balance Sheet													Balance Sheet													gTLD CONSORTIUM													gTLD CONSORTIUM
																																																											Balance Sheet													Balance Sheet
gTLD BALANCE SHEET
							Year 1													Year 2													Year 3													Year 4													Year 5
							1	2	3	4	5	6	7	8	9	10	11	12	Year 1	1	2	3	4	5	6	7	8	9	10	11	12	Year 2	1	2	3	4	5	6	7	8	9	10	11	12	Year 3	1	2	3	4	5	6	7	8	9	10	11	12	Year 4	1	2	3	4	5	6	7	8	9	10	11	12	Year 5		Year 1		Year 2		Year 3		Year 4		Year 5		Total
Current Assets:
Cash							$4,353,250	$3,431,112	$2,700,965	$1,921,223	$950,936	($103,401)	$3,314,586	$5,093,341	$2,909,030	$6,353,298	$6,369,705	$4,960,202	$4,960,202	$4,245,587	$4,520,965	$4,842,387	$5,195,853	$5,616,281	$6,096,241	$6,082,713	$5,709,960	$5,863,704	$5,531,952	$4,631,333	$4,021,545	$4,021,545	$3,979,307	$4,183,365	$4,390,635	$4,600,787	$4,813,476	$5,028,349	$4,946,111	$4,647,259	$4,612,605	$4,583,951	$8,938,279	$12,181,743	$12,181,743	$14,031,953	$15,462,364	$16,805,329	$18,114,423	$19,390,852	$20,634,868	$21,597,031	$22,311,742	$23,219,189	$24,247,501	$24,919,726	$25,839,760	$25,839,760	$26,691,718	$27,448,613	$28,122,532	$28,738,013	$32,174,719	$34,949,378	$36,612,074	$37,706,440	$38,989,697	$40,429,549	$41,813,352	$43,125,019	$43,125,019		$4,960,202		$4,021,545		$12,181,743		$25,839,760		$43,125,019		43,125,019
Accounts Receivable							$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0		$0		$0		$0		$0		$0		-
Pre-Paid Expense							$0	$0	$0	$0	$0	$0	$467,787	$775,639	$700,414	$2,262,439	$3,128,264	$3,484,477	$3,484,477	$3,642,407	$3,767,192	$3,857,186	$3,914,295	$3,936,459	$3,921,837	$4,825,676	$5,393,730	$5,151,406	$6,626,777	$7,459,341	$7,796,091	$7,796,091	$7,931,494	$8,030,211	$8,092,232	$8,117,551	$8,106,176	$8,058,130	$8,546,851	$8,867,577	$8,713,802	$8,812,572	$9,857,222	$9,469,397	$9,469,397	$9,164,729	$9,034,892	$8,995,238	$8,948,476	$8,896,169	$8,839,928	$9,281,238	$9,579,880	$9,488,256	$9,400,933	$9,888,783	$9,650,661	$9,650,661	$9,441,825	$9,314,599	$9,234,888	$9,154,025	$9,656,859	$9,328,153	$9,571,208	$9,789,516	$9,687,124	$9,584,080	$9,524,683	$9,449,987	$9,449,987		$3,484,477		$7,796,091		$9,469,397		$9,650,661		$9,449,987		9,449,987
Other Current Assets							$0	$0	$0	$0	$0	$0	$2,464	$4,313	$4,313	$12,938	$18,688	$22,281	$22,281	$25,156	$28,118	$31,168	$34,309	$37,545	$40,878	$44,244	$47,644	$51,078	$54,546	$58,049	$61,587	$61,587	$65,160	$68,769	$72,415	$76,096	$79,815	$83,570	$87,326	$91,082	$94,837	$98,593	$110,973	$111,854	$111,854	$113,453	$116,490	$120,332	$124,177	$128,024	$131,874	$135,726	$139,515	$143,305	$147,094	$150,884	$154,675	$154,675	$158,465	$162,256	$166,048	$169,839	$170,181	$171,674	$174,029	$176,635	$179,206	$181,741	$184,240	$186,702	$186,702		$22,281		$61,587		$111,854		$154,675		$186,702		186,702
Total Current Assets							$4,353,250	$3,431,112	$2,700,965	$1,921,223	$950,936	($103,401)	$3,784,837	$5,873,292	$3,613,757	$8,628,674	$9,516,657	$8,466,960	$8,466,960	$7,913,151	$8,316,275	$8,730,741	$9,144,457	$9,590,285	$10,058,956	$10,952,632	$11,151,335	$11,066,189	$12,213,275	$12,148,723	$11,879,223	$11,879,223	$11,975,961	$12,282,346	$12,555,281	$12,794,434	$12,999,467	$13,170,049	$13,580,288	$13,605,917	$13,421,244	$13,495,117	$18,906,474	$21,762,993	$21,762,993	$23,310,136	$24,613,747	$25,920,899	$27,187,077	$28,415,046	$29,606,669	$31,013,995	$32,031,137	$32,850,750	$33,795,528	$34,959,393	$35,645,096	$35,645,096	$36,292,007	$36,925,469	$37,523,468	$38,061,877	$42,001,759	$44,449,205	$46,357,311	$47,672,591	$48,856,027	$50,195,370	$51,522,276	$52,761,708	$52,761,708		$8,466,960		$11,879,223		$21,762,993		$35,645,096		$52,761,708		52,761,708
Fixed Assets:
Plant, Property, & Equipment							$175,000	$509,000	$596,500	$621,000	$645,500	$645,500	$645,500	$645,500	$656,000	$656,000	$656,000	$656,000	$656,000	$656,000	$656,000	$659,500	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000	$673,000		$656,000		$673,000		$673,000		$673,000		$673,000		673,000
Accumulated Depreciation							$0	($4,861)	($19,000)	($35,569)	($52,819)	($70,750)	($88,681)	($106,611)	($124,542)	($142,764)	($160,986)	($179,208)	($179,208)	($197,431)	($215,653)	($233,875)	($252,194)	($270,889)	($289,583)	($308,278)	($326,972)	($345,667)	($364,361)	($383,056)	($401,750)	($401,750)	($420,444)	($439,139)	($457,833)	($476,528)	($495,222)	($513,917)	($532,611)	($551,306)	($570,000)	($588,694)	($607,389)	($626,083)	($626,083)	($644,778)	($658,611)	($663,167)	($665,292)	($666,736)	($667,500)	($668,264)	($669,028)	($669,792)	($670,264)	($670,736)	($671,208)	($671,208)	($671,681)	($672,153)	($672,625)	($673,000)	($673,000)	($673,000)	($673,000)	($673,000)	($673,000)	($673,000)	($673,000)	($673,000)	($673,000)		($179,208)		($401,750)		($626,083)		($671,208)		($673,000)		(673,000)
Total Fixed Assets							$175,000	$504,139	$577,500	$585,431	$592,681	$574,750	$556,819	$538,889	$531,458	$513,236	$495,014	$476,792	$476,792	$458,569	$440,347	$425,625	$420,806	$402,111	$383,417	$364,722	$346,028	$327,333	$308,639	$289,944	$271,250	$271,250	$252,556	$233,861	$215,167	$196,472	$177,778	$159,083	$140,389	$121,694	$103,000	$84,306	$65,611	$46,917	$46,917	$28,222	$14,389	$9,833	$7,708	$6,264	$5,500	$4,736	$3,972	$3,208	$2,736	$2,264	$1,792	$1,792	$1,319	$847	$375	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0		$476,792		$271,250		$46,917		$1,792		$0		-
Total Assets							$4,528,250	$3,935,251	$3,278,465	$2,506,654	$1,543,617	$471,349	$4,341,657	$6,412,181	$4,145,215	$9,141,911	$10,011,671	$8,943,752	$8,943,752	$8,371,720	$8,756,622	$9,156,366	$9,565,263	$9,992,396	$10,442,372	$11,317,355	$11,497,362	$11,393,522	$12,521,914	$12,438,667	$12,150,473	$12,150,473	$12,228,517	$12,516,207	$12,770,448	$12,990,906	$13,177,244	$13,329,133	$13,720,677	$13,727,611	$13,524,244	$13,579,422	$18,972,085	$21,809,910	$21,809,910	$23,338,358	$24,628,136	$25,930,732	$27,194,785	$28,421,310	$29,612,169	$31,018,732	$32,035,109	$32,853,958	$33,798,264	$34,961,657	$35,646,887	$35,646,887	$36,293,327	$36,926,316	$37,523,843	$38,061,877	$42,001,759	$44,449,205	$46,357,311	$47,672,591	$48,856,027	$50,195,370	$51,522,276	$52,761,708	$52,761,708		$8,943,752		$12,150,473		$21,809,910		$35,646,887		$52,761,708		52,761,708
Current Liabilities:
Accounts Payable							261,750	283,095	296,771	365,365	474,731	475,331	941,413	875,302	1,180,747	2,537,035	2,178,043	1,971,531	$1,971,531	1,045,541	1,055,348	1,067,336	1,082,153	1,092,868	1,103,905	1,613,781	1,491,552	1,116,511	2,005,797	1,715,126	1,573,600	$1,573,600	1,344,199	1,357,515	1,371,142	1,385,087	1,399,358	1,413,966	1,696,156	1,630,700	1,426,208	1,518,857	2,025,980	1,905,948	$1,905,948	1,598,311	1,559,119	1,569,684	1,580,474	1,591,492	1,602,748	1,862,566	1,802,380	1,615,791	1,618,868	1,887,470	1,877,448	$1,877,448	1,811,059	1,792,110	1,797,968	1,803,931	2,128,026	2,027,624	2,206,502	2,118,197	1,933,206	1,937,956	1,942,810	2,023,121	$2,023,121		$1,971,531		$1,573,600		$1,905,948		$1,877,448		$2,023,121		2,023,121
Unearned Revenue							-	-	-	-	-	-	4,854,655	8,411,839	8,265,214	15,104,839	19,322,464	21,598,027	$21,598,027	23,170,857	24,717,032	26,234,483	27,728,093	29,195,059	30,633,034	31,986,608	33,254,974	34,437,314	35,532,812	36,540,645	37,459,975	$37,459,975	38,289,914	39,029,572	39,678,049	40,234,431	40,697,792	41,067,208	41,311,314	41,430,135	41,423,695	41,292,018	45,922,629	48,798,885	$48,798,885	50,328,079	51,324,794	52,245,196	53,090,752	53,862,968	54,563,401	55,193,656	55,717,613	56,135,459	56,447,384	56,653,581	56,754,246	$56,754,246	56,749,575	56,639,764	56,425,015	56,105,533	58,901,522	60,634,851	61,535,732	62,091,009	62,591,632	63,039,717	63,437,440	63,787,048	$63,787,048		$21,598,027		$37,459,975		$48,798,885		$56,754,246		$63,787,048		63,787,048
Other Current Liabilities							$0	$0	$0	$0	$0	$0	$1,643	$2,875	$2,875	$8,625	$12,458	$14,854	$14,854	$16,771	$18,745	$20,778	$22,873	$25,030	$27,252	$29,496	$31,763	$34,052	$36,364	$38,699	$41,058	$41,058	$43,440	$45,846	$48,276	$50,731	$53,210	$55,714	$58,217	$60,721	$63,225	$65,729	$73,982	$74,569	$74,569	$75,636	$77,660	$80,221	$82,784	$85,349	$87,916	$90,484	$93,010	$95,536	$98,063	$100,589	$103,116	$103,116	$105,643	$108,171	$110,698	$113,226	$113,454	$114,449	$116,019	$117,757	$119,471	$121,161	$122,827	$124,468	$124,468		$14,854		$41,058		$74,569		$103,116		$124,468		124,468
Total Current Liabilities							$261,750	$283,095	$296,771	$365,365	$474,731	$475,331	$5,797,711	$9,290,016	$9,448,836	$17,650,499	$21,512,965	$23,584,412	$23,584,412	$24,233,169	$25,791,125	$27,322,597	$28,833,119	$30,312,958	$31,764,191	$33,629,885	$34,778,288	$35,587,876	$37,574,973	$38,294,470	$39,074,633	$39,074,633	$39,677,553	$40,432,934	$41,097,468	$41,670,248	$42,150,360	$42,536,888	$43,065,688	$43,121,556	$42,913,128	$42,876,604	$48,022,591	$50,779,403	$50,779,403	$52,002,026	$52,961,573	$53,895,102	$54,754,010	$55,539,810	$56,254,065	$57,146,706	$57,613,003	$57,846,787	$58,164,314	$58,641,640	$58,734,811	$58,734,811	$58,666,278	$58,540,045	$58,333,681	$58,022,690	$61,143,002	$62,776,924	$63,858,254	$64,326,963	$64,644,308	$65,098,834	$65,503,077	$65,934,637	$65,934,637		$23,584,412		$39,074,633		$50,779,403		$58,734,811		$65,934,637		65,934,637
Long-Term Liabilities:
Bank Loans							$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0		$0		$0		$0		$0		$0		-
Other Long-Term Liabilities							$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0		$0		$0		$0		$0		$0		-
Total Long-Term Liabilities							$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0		$0		$0		$0		$0		$0		-
Owner Equity:
Equity Contributions
Retained Earnings / (Loss) - After Tax							(523,500)	(1,137,843)	(1,808,306)	(2,648,712)	(3,721,114)	(4,793,981)	(6,246,055)	(7,667,835)	(10,093,621)	(13,298,588)	(16,291,295)	(19,430,661)	($19,430,661)	(20,651,449)	(21,824,503)	(22,956,231)	(24,057,856)	(25,110,561)	(26,111,819)	(27,102,530)	(28,070,926)	(28,984,354)	(29,843,059)	(30,645,803)	(31,714,160)	($31,714,160)	(32,239,036)	(32,706,727)	(33,117,020)	(33,469,342)	(33,763,115)	(33,997,755)	(34,135,011)	(34,183,945)	(34,178,883)	(34,087,182)	(33,840,506)	(33,759,493)	($33,759,493)	(33,453,667)	(33,123,437)	(32,754,369)	(32,349,225)	(31,908,500)	(31,431,896)	(30,917,975)	(30,367,894)	(29,782,828)	(29,156,050)	(28,469,982)	(27,877,923)	($27,877,923)	(27,162,951)	(26,403,729)	(25,599,838)	(24,750,813)	(23,931,243)	(23,117,719)	(22,290,943)	(21,444,372)	(20,578,281)	(19,693,464)	(18,770,801)	(17,962,929)	($17,962,929)		($19,430,661)		($31,714,160)		($33,759,493)		($27,877,923)		($17,962,929)		(17,962,929)
Total Owner Equity							$4,266,500	$3,652,157	$2,981,694	$2,141,288	$1,068,886	($3,981)	($1,456,055)	($2,877,835)	($5,303,621)	($8,508,588)	($11,501,295)	($14,640,661)	($14,640,661)	($15,861,449)	($17,034,503)	($18,166,231)	($19,267,856)	($20,320,561)	($21,321,819)	($22,312,530)	($23,280,926)	($24,194,354)	($25,053,059)	($25,855,803)	($26,924,160)	($26,924,160)	($27,449,036)	($27,916,727)	($28,327,020)	($28,679,342)	($28,973,115)	($29,207,755)	($29,345,011)	($29,393,945)	($29,388,883)	($29,297,182)	($29,050,506)	($28,969,493)	($28,969,493)	($28,663,667)	($28,333,437)	($27,964,369)	($27,559,225)	($27,118,500)	($26,641,896)	($26,127,975)	($25,577,894)	($24,992,828)	($24,366,050)	($23,679,982)	($23,087,923)	($23,087,923)	($22,372,951)	($21,613,729)	($20,809,838)	($19,960,813)	($19,141,243)	($18,327,719)	($17,500,943)	($16,654,372)	($15,788,281)	($14,903,464)	($13,980,801)	($13,172,929)	($13,172,929)		($14,640,661)		($26,924,160)		($28,969,493)		($23,087,923)		($13,172,929)		(13,172,929)
																																																																									-		-		-		-		-
Total Equity & Liabilities							$4,528,250	$3,935,251	$3,278,465	$2,506,654	$1,543,617	$471,349	$4,341,657	$6,412,181	$4,145,215	$9,141,911	$10,011,671	$8,943,752	$8,943,752	$8,371,720	$8,756,622	$9,156,366	$9,565,263	$9,992,396	$10,442,372	$11,317,355	$11,497,362	$11,393,522	$12,521,914	$12,438,667	$12,150,473	$12,150,473	$12,228,517	$12,516,207	$12,770,448	$12,990,906	$13,177,244	$13,329,133	$13,720,677	$13,727,611	$13,524,244	$13,579,422	$18,972,085	$21,809,910	$21,809,910	$23,338,358	$24,628,136	$25,930,732	$27,194,785	$28,421,310	$29,612,169	$31,018,732	$32,035,109	$32,853,958	$33,798,264	$34,961,657	$35,646,887	$35,646,887	$36,293,327	$36,926,316	$37,523,843	$38,061,877	$42,001,759	$44,449,205	$46,357,311	$47,672,591	$48,856,027	$50,195,370	$51,522,276	$52,761,708	$52,761,708		$8,943,752		$12,150,473		$21,809,910		$35,646,887		$52,761,708		52,761,708
Balance Sheet Assumptions - Working Capital
Accounts Receivable							-	-	-	-	-	-	-	-	-	-	-